Azure: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Azure
Largest movements
- Cash -€63,298
down €63,298 (-59.3%), from €106,772 to €43,474
mainly Accrued charges and deferred income (-€417,430) and Debts after one year (-€356,525)
- Tangible fixed assets -€60,186
down €60,186 (-5.1%), from €1.2m to €1.1m
of which Land and buildings: -€59,770
- Receivables within one year -€55,033
down €55,033 (-6.7%), from €822,165 to €767,131
- Other debts +€666,225
new in 2025: €666,225
- Accrued charges and deferred income -€417,430
no longer reported in 2025 (was €417,430)
- Debts after one year -€356,525
down €356,525 (-40.0%), from €890,907 to €534,382
- Trade debts -€116,782
down €116,782 (-85.1%), from €137,176 to €20,394
- Reserves +€83,642
up €83,642 (+14.5%), from €575,983 to €659,624
of which Distributable reserves: +€83,642
- Gross operating margin -€31,528
down €31,528 (-9.1%), from €346,757 to €315,229
- Taxes -€10,022
down €10,022 (-25.8%), from €38,850 to €28,829
- Financial charges -€8,132
down €8,132 (-13.6%), from €59,771 to €51,639
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,119,921 | €1,942,125 | -€177,796 | -8.4% |
| Fixed assets | 21/28 | €1,190,985 | €1,130,799 | -€60,186 | -5.1% |
| Tangible fixed assets | 22/27 | €1,190,985 | €1,130,799 | -€60,186 | -5.1% |
| Land and buildings | 22 | €1,190,152 | €1,130,383 | -€59,770 | -5.0% |
| Furniture and vehicles | 24 | €832 | €416 | -€416 | -50.0% |
| Current assets | 29/58 | €928,936 | €811,326 | -€117,611 | -12.7% |
| Amounts receivable within one year | 40/41 | €822,165 | €767,131 | -€55,033 | -6.7% |
| Other amounts receivable | 41 | €822,165 | €767,131 | -€55,033 | -6.7% |
| Cash at bank and in hand | 54/58 | €106,772 | €43,474 | -€63,298 | -59.3% |
| Deferred charges and accrued income | 490/1 | - | €720 | +€720 | |
| Total equity and liabilities | 10/49 | €2,119,921 | €1,942,125 | -€177,796 | -8.4% |
| Equity | 10/15 | €637,483 | €721,124 | +€83,642 | +13.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €575,983 | €659,624 | +€83,642 | +14.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €569,833 | €653,474 | +€83,642 | +14.7% |
| Amounts payable | 17/49 | €1,482,438 | €1,221,001 | -€261,438 | -17.6% |
| Amounts payable after more than one year | 17 | €890,907 | €534,382 | -€356,525 | -40.0% |
| Financial debts | 170/4 | €890,907 | €534,382 | -€356,525 | -40.0% |
| Amounts payable within one year | 42/48 | €174,101 | €686,618 | +€512,517 | +294.4% |
| Trade debts | 44 | €137,176 | €20,394 | -€116,782 | -85.1% |
| Suppliers | 440/4 | €137,176 | €20,394 | -€116,782 | -85.1% |
| Taxes, remuneration and social security | 45 | €36,926 | - | -€36,926 | |
| Taxes | 450/3 | €36,926 | - | -€36,926 | |
| Other amounts payable | 47/48 | - | €666,225 | +€666,225 | |
| Accrued charges and deferred income | 492/3 | €417,430 | - | -€417,430 | |
| Remuneration, social security and pensions | 62 | €36,911 | €37,899 | +€988 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,421 | €60,186 | -€3,235 | -5.1% |
| Other operating charges | 640/8 | €52,610 | €53,035 | +€425 | +0.8% |
| Gross operating margin | 9900 | €346,757 | €315,229 | -€31,528 | -9.1% |
| Operating profit (loss) | 9901 | €193,815 | €164,110 | -€29,706 | -15.3% |
| Financial income | 75/76B | €10 | €0 | -€10 | -99.5% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -99.5% |
| Financial charges | 65/66B | €59,771 | €51,639 | -€8,132 | -13.6% |
| Recurring financial charges | 65 | €59,771 | €51,639 | -€8,132 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €134,054 | €112,470 | -€21,584 | -16.1% |
| Income taxes | 67/77 | €38,850 | €28,829 | -€10,022 | -25.8% |
| Profit (loss) for the period | 9904 | €95,204 | €83,642 | -€11,562 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,204 | €83,642 | -€11,562 | -12.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.